Gifts, cash, loans… How do retirees help their families?

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“When everything is going well, you can count on others, when everything is going badly, you can only count on your family”. This Chinese proverb states a truth dear to the hearts of many grandfathers and grandmothers. Indeed, the deans are often the guarantors of the family spirit. Retirees, even if they are not always rolling in gold, are often ready to do anything to help their children and grandchildren.

An OpinionWay survey for CARAC published in June 2022 looked at the family and financial support that unites retirees with their children. This survey was carried out on a sample of 1,006 retired people aged 55 to 75 representative of the French population.

We learn that only 3% of those questioned received financial assistance from their child or another member of their family. However, many more of them come to the aid of their families.

Many retirees come to the aid of the various members of their family. Thus, among the people questioned, 67% claim to provide financial assistance to one or more of their children. More specifically, 11% do so almost every month.

After the children, the other members of the family circle who benefit the most from this help are the grandchildren, since 43% of retirees claim to provide them with one. Similarly, 23% of retirees give money to their partner’s children.

The survey also looked at how much people gave to their families.

The survey also looked at the amount of financial aid that retirees distribute to their families. Thus, they give an average of 211 euros per month to one or more of their children. For grandchildren, this amount is 87 euros. In total, the respondents help their family members financially to the tune of 182 euros per month, on average.

Asked about the amount given over the past 12 months, respondents said they had spent, on average, 1,529 euros for their children, 668 euros for their grandchildren and 371 euros for the child or children of their partner. In total, OpinionWay establishes that retirees have dedicated an average of 1,718 euros to their family in 1 year.

But in what form is this money distributed?

These financial aids provided by the deans can take different forms and are not always checks or cash donations. Thus, people who provide assistance to at least one member of their family have revealed the form that this takes.

In 57% of cases, it is by making gifts that retirees provide financial assistance. Here are the other forms of help they provide: